Great Wall Securities: Maintain a "buy" rating on Alibaba-W (09988.HK) as Gaode launches "Street Scan List" to expand into offline businesses.

According to the Securities Times APP, Guotai Junan Securities released a research report stating that it maintains a "buy" rating on Alibaba-W (09988.HK), predicting that the company will achieve revenues of 1.06/1.18/1.30 trillion yuan in FY2026-FY2028; adjusted net profit attributable to shareholders will be 1256/1599/1903 billion yuan; corresponding PEs will be 19.9/15.6/13.1 times. The company's instant retail and e-commerce main station synergies are significant, further strengthening its "mega consumer platform" layout. At the same time, cloud services are expected to continue benefiting from the commercialization of AI applications and AIAgent, with a combination of technology and consumer attributes.